Rule 204A‑1 under the Investment Advisers Act of 1940 – the so-called “code of ethics rule” (Rule) – does not merely require investment advisers to establish written codes of ethics. Rather, the Rule specifically requires advisers to maintain and enforce their codes of ethics. This final part of our three-part series on code of ethics fundamentals focuses on the “maintain” and “enforce” elements of the Rule, covering how to monitor compliance with codes of ethics – including the role of technology – and handle violations by employees. The first article discussed why fund managers need codes of ethics, as well as the consequences of failing to comply with the Rule’s requirements. The second article focused on the “establish” element, explaining what codes of ethics must – and may – include. See our three-part series “Key Legal and Operational Considerations for Hedge Fund Managers in Establishing, Maintaining and Enforcing Effective Personal Trading Policies and Procedures”: Part One (Jan. 19, 2012); Part Two (Jan. 26, 2012); and Part Three (Feb. 9, 2012).